On May 16th, Baidu released its Q1 2024 financial report.
In the first quarter of 2024, Baidu achieved a total revenue of 31.5 billion yuan, with a net profit attributable to Baidu (Non GAAP) of 7.011 billion yuan, a year-on-year increase of 22%, and a net profit attributable to Baidu's core (Non GAAP) of 6.628 billion yuan, a year-on-year increase of 26%.
Robin Lee, founder, chairman and CEO of Baidu, said: "With the advent of the era of generative AI in China, basic models such as Wenxin Model will become infrastructure and integrate into all aspects of people's lives. We are making Wenxin Model series more affordable and efficient. This will bring more opportunities to Baidu."
Baidu CFO Luo Rong said, "In the first quarter of 2024, Baidu's core operating profit margin (Non GAAP) reached 23.5%, with growth both year-on-year and month on month. We have established a record of continuously improving operational efficiency, and in the coming quarters, we will take the necessary measures to improve operational efficiency to support our artificial intelligence business and high-quality growth, while maintaining a healthy operating profit margin (Non GAAP)."
As of March 2024, the monthly active users of Baidu App were 676 million, a year-on-year increase of 3%, and the quarterly online marketing revenue was 17 billion yuan. In the field of autonomous driving, as of April 19th, the cumulative service volume of Carrot Run has exceeded 6 million times; Approximately 826000 ride services were provided within the first quarter.